By Lawrence Agcaoili (The Philippine Star) Updated September 23, 2011
12:00 AM Comments (0)
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has given
universal, commercial, thrift, and rural banks the greenlight to open
and reopen a total of 122 branches, other banking offices, and
microbanking offices all over the country in the second quarter of the year.
BSP Deputy Governor Nestor Espenilla Jr. issued Circular Letter 2011-065
containing the approved appplications of banks for new banking offices
and opened or re-opened banking offices from April to June this year.
The BSP approved the application of Citibank NA to open another banking
office in Taguig City while Metropolitan Bank and Trust Co. of taipan
George SK Ty was allowed to open a branch in San Pedro, Laguna and San
Fernando City in La Union.
State-owned Development Bank of the Philippines was allowed to open
branches in Vigan, Batangas City, Sta. Cruz in Laguna, and Carcar City
while Security Bank Corp. was given the greenlight to open branches in
Alicia in Isabela and Sta. Maria in Bulacan. Maybank Philippines was
allowed to set up two new branches in Taguig City.
The BSP also approved the applications of Philippines Savings Bank, RCBC
Savings Bank, Philippine Business Bank Inc., Cuyapo Rural Bank Inc.,
Insular Rural Bank, One Network Rural Bank Inc., Philippine Rural Bank,
Bangko Nuestra Sra Del Pilar, Tamaraw Rural Bank, Rural Bank of Lebak,
RTB Bank Inc., Tiaong Rural Bank, Rural Bank of Cauayan, AMA Bank, Rural
Bank of Camalig, St. Michael Rural Bank, Sunrise Rural Bank, Summit
Bank, and Vision Bank to open new branches.
The BSP has given universal, commercial banks, and thrift banks until
October 11 to file their applications to set up new branches in
restricted areas that include the cities of Makati, Mandaluyong, Manila,
Paranaque, Pasay, Pasig, Quezon, and San Juan.
The 90-day period for filing of branching applications under Phase 1 of
the two-phased lifting of the moratorium on the establishment of bank
branches in the eight "restricted areas" of Metro Manila started last
July 14.
Last June, the BSP approved a two-phased liberalization approach that
would fully lift the bank branching restriction in key cities in Metro
Manila starting 2014 to promote a competitive market environment
conducive to a better and improved quality of financial services delivery.
Under the first phase, second-tier universal and commercial banks and
thrift banks that have less than 200 branches in restricted areas as of
December last year would be allowed to apply and establish branches in
the restricted areas until June 30, 2014.
To qualify for restricted area branches, a universal or commercial bank
must have a combined capital accounts of at least P10 billion while a
thrift bank should have at least P3 billion. Banks with lower combined
capital accounts would still be allowed to establish branches as long as
they execute an undertaking to build up capital for a maximum period of
not later than end June 2014.
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